JPMorgan Says Bitcoin is Not Vanishing
JPMorgan, the largest bank in the US mentioned in their report that Bitcoin and other cryptocurrencies are here to stay as a legitimate asset class. This was mentioned after their strategists analysed the trading patterns of cryptocurrencies after the COVID-19 pandemic. Bitcoin did suffer some price drops during the mid-March COVID-19 market sell-off but bounced back well according to JPMorgan’s report. The report also mentioned that Bitcoin’s revival was the fastest compared to other asset classes.
Subsequently, Reddit co-founder Alexis Ohanian believes that Wall Street involvement proves that Bitcoin isn’t going anywhere. Alexis, who is also a prominent Silicon Valley entrepreneur and investor, sees “a crypto spring” and crypto involvement including Bitcoin purchases by the “OGs of Wall Street” is a solid proof of Bitcoin’s longevity.
Image Source: Forbes
In an article by Forbes, it highlighted how the COVID-19 pandemic has also seen rising demands for Bitcoin as the flaws in traditional financial system has been exposed. Olaf Carlson-Wee, multimillionaire founder of hedge fund Polychain Capital, stated “the evolution of finance is only happening faster in the wake of the current global economic crisis, which has illuminated holes within traditional financial systems that can potentially be filled by bitcoin”. This followed after central banks all over the globe injected record stimulus measures due to COVID-19 pandemic that surpassed the measures during the 2008 financial crisis.
Bitcoin and other cryptocurrencies have proved their worth and more since their inception. With more people accepting its true value, it is beginning to outshine many asset classes and is becoming more than just a form of remittance.
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